At a recent symposium at the Egyptian Press Syndicate in Cairo, economists verified that domestic economic sectors had been damaged in the aftermath of the September 11 attacks on New York and Washington and by the current US-led air strikes against Afghanistan. Mahmoud Mohieddin, an advisor to the Egyptian minister of economy, told those attending the symposium held that air, maritime transport and tourism sectors were most affected by the recent attacks, the Middle East News Agency reported.

Mohieddin, who serves as the head of the ruling National Democratic Party's Economic Committee, stated that the negative repercussions added to the global economic decline, leading to recession. Mohieddin recommended diversifying Egypt's tourism capabilities and to encourage inter-Arab travel.

In contrast, Taher Helmi, head of the Egyptian Center for Economic Studies, believes that Egypt was poised to attract more foreign investments in the near future. However, he encourages new measures to promote Egypt’s investment atmosphere.

Moustafa Kamel El-Sayed, director of Cairo University's Center for Developing Countries said that vital foreign exchange income sources, i.e. Suez Canal, insurance and oil were also affected in the wake of the deadly attacks on New York and Washington. He expects Egypt's privatization program to also be impacted by the declining economy. — (Mena Report)